Barclays Investment Banking Pitch Book

Pro Forma Yield Comparison Relative to large and mid cap partnerships with similar distribution growth rates, pro forma KMI would offer an attractive yield Magellan Midstream Partners Western Gas Partners Comparison Combined Access/ Williams Partners Plains All American Pipeline Targa Resources Partners EnLink Midstream Partners Spectra Energy Partners Pro Forma KMI - Expected BARCLAYS 12 Expected Distribution Growth Rate 13.0% 12.0% 11.0% 10.0% 8.0% 8.0% 7.0% 10.0% Current Yield 2.9% 3.3% 3.7% 4.3% 4.5% 4.5% 4.2% Confidential 4.5%

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